Mirae Asset Global Investments Co. Ltd. Makes New $653,000 Investment in RingCentral, Inc. $RNG

Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of RingCentral, Inc. (NYSE:RNG) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 8,748 shares of the software maker’s stock, valued at approximately $653,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Quantinno Capital Management LP increased its stake in shares of RingCentral by 150.4% in the first quarter. Quantinno Capital Management LP now owns 1,976,995 shares of the software maker’s stock worth $73,524,000 after purchasing an additional 1,187,437 shares during the period. Dimensional Fund Advisors LP boosted its stake in RingCentral by 8.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,308,949 shares of the software maker’s stock valued at $48,676,000 after purchasing an additional 101,002 shares during the period. Bank of New York Mellon Corp grew its holdings in RingCentral by 28.6% in the 1st quarter. Bank of New York Mellon Corp now owns 585,789 shares of the software maker’s stock valued at $21,785,000 after buying an additional 130,418 shares during the last quarter. Principal Financial Group Inc. acquired a new stake in RingCentral in the 1st quarter valued at approximately $13,719,000. Finally, Hillsdale Investment Management Inc. grew its holdings in RingCentral by 0.3% in the 1st quarter. Hillsdale Investment Management Inc. now owns 294,050 shares of the software maker’s stock valued at $10,936,000 after buying an additional 800 shares during the last quarter. 98.61% of the stock is owned by institutional investors and hedge funds.

RingCentral Stock Performance

NYSE:RNG opened at $72.01 on Monday. The company has a 50-day moving average of $76.70 and a 200-day moving average of $50.35. The company has a market capitalization of $6.08 billion, a price-to-earnings ratio of 9.53, a PEG ratio of 1.22 and a beta of 1.05. RingCentral, Inc. has a 52 week low of $24.14 and a 52 week high of $98.14.

RingCentral (NYSE:RNG) last posted its earnings results on Thursday, October 22nd. The software maker reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.28 by $0.05. RingCentral had a net margin of 25.27% and a negative return on equity of 50.15%. The business had revenue of $676.04 million for the quarter, compared to analysts’ expectations of $667.30 million. During the same quarter in the previous year, the firm posted $1.13 earnings per share. The firm’s revenue for the quarter was up 5.8% on a year-over-year basis. Sell-side analysts forecast that RingCentral, Inc. will post 2.96 EPS for the current year.

RingCentral Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 20th. Stockholders of record on Friday, November 6th will be issued a $0.1250 dividend. The ex-dividend date of this dividend is Friday, November 6th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 0.7%. RingCentral’s dividend payout ratio is presently 6.61%.

Insider Buying and Selling at RingCentral

In other RingCentral news, CEO Vladimir Shmunis sold 15,556 shares of the company’s stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $71.78, for a total value of $1,116,609.68. Following the sale, the chief executive officer directly owned 190,271 shares in the company, valued at $13,657,652.38. This represents a 7.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Tarun Arora sold 4,172 shares of the stock in a transaction on Wednesday, September 9th. The stock was sold at an average price of $70.36, for a total value of $293,541.92. Following the transaction, the chief accounting officer owned 65,692 shares of the company’s stock, valued at $4,622,089.12. This represents a 5.97% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 84,625 shares of company stock worth $6,024,953 over the last three months. 7.30% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on RNG shares. Oppenheimer upped their price target on RingCentral from $85.00 to $110.00 and gave the stock an “outperform” rating in a report on Friday, October 23rd. UBS Group set a $91.00 price objective on shares of RingCentral in a research note on Friday, October 23rd. Rosenblatt Securities raised their price objective on shares of RingCentral from $80.00 to $105.00 and gave the stock a “buy” rating in a research note on Monday, October 26th. FBN Securities reaffirmed an “outperform” rating and set a $105.00 target price on shares of RingCentral in a research report on Friday, October 23rd. Finally, Mizuho set a $85.00 target price on shares of RingCentral in a research note on Friday, October 23rd. Six analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat.com, RingCentral presently has an average rating of “Hold” and a consensus price target of $93.92.

About RingCentral

RingCentral, Inc provides cloud-based communications and collaboration services for businesses. Its offerings combine business phone service, video meetings, team messaging and related tools in a unified communications platform.

The company also offers contact center services that help organizations manage customer interactions across channels, along with integrations with business software. Its services are delivered to organizations in multiple countries and regions.

RingCentral was founded in 1999 by Vlad Shmunis, who serves as the company’s founder, chairman and chief executive officer.